08:43 AM EDT, 05/01/2024 (MT Newswires) -- Consumer stocks were declining premarket Wednesday, with the Consumer Staples Select Sector SPDR Fund (XLP) 0.4% lower and the Consumer Discretionary Select Sector SPDR Fund (XLY) recently down 0.6%.

Starbucks ( SBUX ) declined by more than 13% after the company reported lower fiscal Q2 adjusted earnings and sales that also missed the market's expectations.